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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  May 10, 2016 3:00pm-4:01pm EDT

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now in nebraska and west virginia, we're going to have all the breaking news as our special coverage begins at 7 p.m. eastern, and at 8 p.m. i'll be joining neil and lou and our fox political all-stars. liz claman, in the meantime, it's looking good! liz: how about this? we have the bulls on the run. we need to tell our viewers, the dow and the s&p are experiencing their biggest intraday gains in more than a month. the dow just slightly off the highs of the session, up 184 points, high of the session up 204. but check the nasdaq, up 48 points. high of the session, just two points higher, 50. but everything green on the screen including oil, from tornadoes tearing up the midwest to the devastating canadian wildfires, oil is jumping more than 2% at this hour. the latest details on how these natural disasters are impacting your portfolio and what you can do to make a little money. and he is the self-proclaimed
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king of debt, but will his policies make paupers out of all of you? gop presidential candidate donald trump's economic plan and whether it really can make america great again or punish savers. and by the way, where are the better plans from the remaining candidates or their party? [laughter] plus, i'm heading to vegas with these guys and $8 billion of capital descending on las vegas for the super bowl of the hedge fund world, the salt conference, where i'll give you access to the winklevoss brothers and some of the greatest minds of the financial world. twins will be there including guru of the emerging market, mark mobius. we're less than an hour to the closing bell. anything can happen in this last hour of trade, so let's start the "countdown." ♪ ♪ liz: and by the way, we should
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tell you that disney earnings are coming up in about 59 minutes. it's just a huge day for the markets, and we're tracking the tape this tuesday. some of the biggest movers, amazon popping after investment research firm bernstein -- look at it right now, it's at 700? bernstein put a $1,000 price target on the stock. also announcing it's going to the launch a youtube-like service to help it compete with google parent company alphabet. shares of amazon jumping about 3%, a long way to go to hit a thousand, but we shall see if that comes true. mind the gap. shares of the popular retailer not so popular right now, pulling back by nearly 12% after the company reported sales fell for now the fifth straight quarter. it's been a very rough time for the retailer. the gap is saying expect another ore structuring as well. it is the biggest decliner on the s&p 500 of the day. but let us get to this,
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budweiser is getting a summer makeover, and the stock is getting a third of a percent jump too. through the end of 2016 election, the king of beers is going to swap out the name budweiser for the name america and will use the slogan e pluribus unum which means, for those of you who didn't take high school latin, out of many, one. yeah, see? austin's all, really? [laughter] one-third of all beer sales, by the way, are between memorial day and labor day in the united states. shares moving slightly higher. let's get to politics and primary fever still running high as voters flock to the polls in nebraska and west virginia at this hour. team fox business has every possible angle covered for you. we have adam shapiro live in charleston, west virginia, on the big coal conundrum plaguing hillary clinton, and peter barnes standing by in d.c. looking at breaking news rumblings of a third party threat.
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first, today is the day, folks, the day west virginia votes and coal takes that center stage. donald trump likely to clinch the mountain state for the republicans. the west virginia coal association last week endorsed trump, we told you that. he has pledged that west virginia's coal industry would, quote, thrive under his president city. the coal-reliant state has been hit really hard by the obama administration's war on coal affecting coal stocks and adding even more fuel to the fire if you own any of these names. look at arch coal, down 100% under the president obama regime. now, democratic front-runner hillary clinton getting the coal shoulder even as she tried to switch her wording. but is it too little too late after she said she'd put coal companies out of business? at this hour rival bernie sanders, by the way, a candidate who has said he's concerned about climate change no less, has led the polls here in in west virginia. let's get to adam shapiro in charleston, west virginia. adam, look, the west virginia
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race has become more and more fascinating in that bernie is considered the better choice for democrats there. what about this campaign and how it's grabbing votes? >> reporter: well, you can't ignore the fact that bernie sanders, when he was here, has been talking about putting, what is it, $41 billion to work on infrastructure and helping people who work in the coal industry in west virginia, the second largest coal-producing state in the united united stato other jobs. hillary clinton's talking about the same kind of thing, $30 billion. but both of them, you should know, are part of the movement to end american reliance on fossil fuels whether it be coal, natural gas or oil. even mr. sanders just recently said, within the last hour, that he wants to initiate a carbon fox and end fracking. how's that playing out in west virginia? they're very aware of it. but as you pointed out, some people here seem more receptive to bernie sanders' line of reasoning because as the people we spoke to, some of them say coal is done.
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it's time to move on. we spoke to different people, those in favor of moving on and those saying, no, and here's what they told us. >> the coal industry is losing to the cheap natural gas. it's just economics. >> the problem is our economies are built around these structures. so down the street you can see restaurants, law firms, everything like that. those law firms, their clients are coal companies. their clients are natural gas companies. these restaurants, they're people who are eating here who work in these industries. when you have the majority of an industry using these is services, these services will be affected sooner or later too. so pretty much a modern-day detroit. >> reporter: and when you hear the man we interviewed who was laid off this week from his job talking about being a modern-day detroit, he's talking about unemployment here, liz, is at 6.5%. that's also motivating the voters. but one of the reasons when you asked that question about why perhaps there's more of a momentum for bernie sanders here than hillary clinton, it gets
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into some of the racial aspects of how these two democrats appear to their base. mrs. clinton scoring high with people of color, and mr. sanders scoring high with caucasian-american men. back to you. liz: adam, thank you very much. adam is going to be giving you reports from west virginia throughout the rest, until that big moment where we see who's won that state. just days after senator ted cruz suspended his bid for the presidency, there is news at this hour he may be considering jumping back into the ring. really? and breaking news in just the last half hour, we're getting this. speaker of the house paul ryan refusing in this hallway to even discuss whether he'll, a, step down as republican convention chair or, b, launch a chance of a third party run. listen. >> you know me all too well. you know i'm not a walk and talk -- >> why would you not be the chair? why would you even put out that scenario? >> excuse me. >> some people are very critical of that. some people think it was a
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political mistake, mr. speaker. liz: now, you do have some disgruntled republicans still out there, that's not a news flash, and they are unhappy with the donald trump candidacy, so they are keeping the idea alive of perhaps a third party run. let's get to senior washington correspondent peter barnes in d.c. peter, look, the clock is ticking. whether people want it or not, it's ticking on a third candidate, whoever wants to throw in his or her hat in the ring, but here today suddenly there's all this cruz and ryan chatter again. >> reporter: yeah, that's right. ted cruz just said he would not be a third party candidate himself, but he added a little twist in a radio interview today. he declined to throw his support behind donald trump just yet and hinted he might get back into the race himself. he said, quote: if there is a path to victory, we might take it. he said we launched this campaign intending to win.
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with trump anger oring and worrying some conservatives more and more, there is more and more buzz about them launching a third party campaign for the white house. the buzz on possible candidates include senator ben sass of nebraska, retired senator tom coburn of oklahoma and the party eat 2012 nominee, mitt romney. they have also all said no like ted cruz. and a lot of folks say high hurdles to a third party candidacy with missing deadlines for getting on ballots and having to raise, what, a billion dollars perhaps to try and run? a very high bar. liz? liz: yeah, what about that? that's interesting. guess what, peter? stay tuned for this next segment, because we've to got the former nebraska governor on whether we would see another candidate throwing his or her hat into the ring. as we look at all of this and focus on tonight's primaries -- among them nebraska's -- welcome to former nebraska governor dave heineman. great to see you, sir, thank you so much for joining us. >> liz, it's great to be with you. let me just start by saying
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thank you for coming to nebraska -- liz: anytime. >> -- for warren buffett's annual meeting. i saw you out there, but you were too busy. liz: you could have thrown some chocolate at my head, i would have stopped, governor. [laughter] >> well with, it was great to see you. liz: i'm sorry i didn't see you but, look, when i was in nebraska, one thing i learned was you guys have a 3% unemployment rate compared to the rest of the nation which is 5%. what are you doing right in the cornhusker state? >> well, i can tell you what i did for ten years as governor, and that was you lower taxes on businesses and individuals, you invest your resources in education and job training. we balanced the budget ten years in a row, and and we've got some great businesses out here. that's one of the reasons that we fared so well. liz: why aren't you running for president? by the way, i have to ask you about this third party run that peter barnes just discussed. ben sass' name was in there. are you behind donald trump right now as the presumptive
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nominee, or would you go for a third party candidate? are you crossing your fingers here on any of these names? >> no, i'm not crossing my fingers. i'm supporting donald trump. last week they named me the honorary state chair for nebraska. senate ben sass is a good friend of mine, but it's a fantasy world to think there's going to be a third party candidate. first of all, it's difficult to get on the ballot. secondly, where are you going to get the money? and third, who's going to do it? they're live anything a dream world, it's not going to happen. liz: all right. so you are an avowed donald trump supporter, you're going to be helping the campaign. good for you. let's talk a little bit about taxes because governor rickets, the current governor of nebraska, just recently put in a tax relief bill for land owners, specifically agricultural landowners. and again, it seems to be helping the state of nebraska. yesterday, governor -- i don't know if you saw on fox business, but the state of illinois is in severe disrepair. we had protests in chicago
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where, listen, those people and their property taxes continue to go higher and higher. so illinois has no budget. they're in a total mess situation. why can they not learn from what's happening in nebraska? am i missing something? >> well, they should learn from nebraska. the key for any state is, first of all, you've got to balance your budget. put a focus on lowering taxes. it's got to be comprehensive, both income tax relief, property tax relief. that helps farmers and ranchers, it helps small and medium-sized businesses, and it helps the middle class. and i know illinois has had a lot of problems other the years -- over the years, pension problems, but they haven't been able to balance their budget. when you don't balance your budget, it results in higher taxes and fewer jobs and more regulation. liz: well, look, from taxes to trade i'm a little surprised that you're as supportive of donald trump only because he
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seems to have trade wrong in nebraska. he had come out and given a rally in omaha, and we can show you what he said about it and then i'll have you comment. as the fact-checkers found, he was pretty correct me if i am w. let's listen to what he said. >> when you want to send your product to china, they don't take it. no, we don't want with it, right? now, when you send it to japan where they send the cars in, no tax, very little tax, practically nothing. they send the cars in. when you send your beautiful agriculture, the best in the world, you send your agricultural product in, what happens? 38% tax, right? we're not going to do this stuff anymore, folks. we're not going to play the games anymore. liz: governor, china and canada and mexico are the top three out of five, the top four out of five trade partners to nebraska. they take so much of your agricultural business. what would happen if he puts tariffs on any one of those nations? >> well, let me just say i've
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been to china several times, japan and other countries, and generally trade deals have been good for agricultural states because we ship more food all over the world. it's been not so good for manufacturing states and manufacturing industries. so i understand that. and i'm not quite sure where donald got all his facts, because we continue to export a lot of nebraska beef over to japan -- liz: well, but that's -- may i jump in? does that not disconcert you when you're saying i don't know where he got his facts? we found it in two seconds. >> well, yeah, it is a concerning factor, and it's one of those things that, you know, the trump campaign's probably got to do a better job of, there's no question about that. but, liz, let me say he's touching a nerve with the american people -- liz: true. >> -- when he talks about trade. republicans have always opinion for free and fair trade with a greater emphasis on free trade. donald and the american public want a greater emphasis on fair trade. i understand that.
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we've lost jobs to china, japan and mexico. that needs to be reversed, and that's one of the reasons he was so successful in the primary, in my opinion. liz: governor heineman, it would be great if you went to d.c. and, i think, gave some of your common sense from nebraska. we appreciate you coming on fox business. good to see you now. [laughter] >> good to see you, liz. thank you. liz: thanks so much. and by the way, don't forget to watch all of our coverage on the west virginia and nebraska primary results tonight, 7 p.m. eastern. folks, this is a pocketbook election. it matters to your money from day one. fox business has been the business network that has gone live on every primary night. the others completely ignored it. it matters to you and your money, so you're in the right place. closing bell, 45 minutes away. lot of green on the screen. we are in rally mode. caterpillar is the lead at the top there just pfizer and walmart trending downward. and trading in lock step with stocks once again, crude oil. crude moving higher on transport
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concerns due to those wildfires ravaging alberta, canada. but could the saudis planned ipo of its multitrillion dollar state-owned oil giant send stocks sliding again? fire and ice. we're live at the nyse, cme, the famed floor show next on "countdown." ♪ ♪
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liz: check it out, dow jones industrials now up 200 points. it is a big rally day with not a huge amount of news here. we did get the jolts number, that gives you a sense of how jobs and openings of jobs are rising, and they did rise, certainly, but employers are are apparently having trouble filling some of those jobs. the market like that news. the dow is up 198 points, the nasdaq is up 50. a nice move there, more than a percent. all of them up more than a percent. we do have the dow transports better than more than a percent as well. with the closing bell ringing in 40 minutes, is it desperation or simply common sense? saudi arabia trying to fight its economic addiction to oil, and they're doing it because there's this statistic. right now oil accounts for 77% of the middle east kingdom's economy. i mean, they're not doing much else there. the country owns the world's largest oil company.
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you're looking at it, aramco, and it is planning a $2 trillion ipo for just a tiny percentage of the company, $2 trillion. to give you size and scope, that's more than five times the size of exxonmobil. the company right now pumps out one of every eight barrels of global oil and plans to ramp up production ahead of the ipo. so what do you expect oil would do, move lower? no. oil settled higher, and it is continuing to move higher in the aftermarket session and in trading as far as electronics are concerns. we do have it higher by about nearly 33% at $44.74. so as saudi arabia plans to be oil-independent in the next 15 years -- good luck with that -- that would drastically change the market landscape. what is the play now? let's get to traders at the new york stock exchange, cme group and the nymex. elliott warren, right off the bat, oil moving higher -- elliott's not there. okay, teddy -- [laughter] you get this one.
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we have oil higher today. is this all the canadian wildfires? this is a very near-term issue that will eventually, we expect and hope, be fixed, right? >> well, i think that gets fixed. but, you know, liz, there's nothing more bearish than a soldout bull, and we've got a lot of bearish people. a lot of people don't like the stock market, they don't like the oil market. they think everything has had a big move, and yet oil acts great today. we've had a complete reversal in the commodities and the stock market today -- liz: yeah, what's up with the stock market, teddy? we're up 201 right now. there's a slight paucity of news here, which is fine, but the bulls love it. >> well, you know, never sell -- automatically shays. never sell a dull market, markets like to climb walls of worry. as we get up to this dow 18,000 level, the market just seems to run out of steam, and everybody's looking for that catalyst. whatever it is, i sure don't know what it is -- liz: well, how about this? ira, how about the japanese
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finance minister not mincing any words saying if the yen gets too strong, we will intervene, we will figure out a way to add stimulus. i mean, they're at negative rates right now, but maybe that's what's doing so well for the markets. >> well, you know, i don't want you to forget the sell may go away. and this is a bounce back up today. liz: okay. >> this isn't the new leg that has begun. as for the japanese minister, come on. the best thing you can do is jawbone down the currency. you haven't spent anything in doing it. the central banks know how to do this. and, yes, that helps the markets, stability in oil -- liz: thank you. >> that's what the markets are rallying on, a stable process temporarily. liz: well, look, the china slowdown is still a worry. i know i'm going to be anybody who's driving and listening on xm 13 is about to drive off the wheel. chinese rebar hit a seven-year low. okay, now, don't let your eyes glaze over, but rebar is a big
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industrial material, teddy. help me here. [laughter] it's a big industrial material, and it looks like not a lot of demand right now for that. they're not building buildings? what's going on there? >> liz, i mean, i don't know what's going on in china, only what i read in the paper. but i think what really is helping the market here is that the fed clearly is on hold -- liz: yes. >> interest rates are going nowhere. i mean, what we really need to try to figure out -- and maybe we're not going to find out about it til it's after the fact -- is what's going to move the market to new high ground. we are clearly right on the doorstep, and the markets just continue to act better. the lines of least resistance continue to be up, not down. liz: this is the biggest single-session advance in two months for the dow. teddy, ira, thank you so much for joining us. and teddy -- [laughter] all i know is what i read in the papers. [laughter] >> yeah, right. liz: a reminder, i am kicking off fbn's coverage of the salt conference.
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these guys are who are in the papers, okay? the market's biggest and brightest minds will be among them. emerging market investing legend mark mobius of templeton. where is he unafraid to put his money now because he looks down the road and says i will make money there? i'll be going one-on-one with mr. mobius and more from the salt conference in las vegas with @cgasparino, @mariabart row row -- bart row bartiromo. i want a t-shirt made. closing bell 35 minutes away. the dow is up 207 point9. solar flare, storm clouds building over the solar industry after a pretty significant but interesting disappointment from one of the sector's hottest names. up next, fox business' jeff flock shines a light on just how deserving solar energy really is of the financial support it's gotten from the government as the government turns away from coal.
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look, some believe it's time to turn toward things like solar is and wind and away from fossil fuels. remember, it was president g.w. bush who granted incentives, so tweet me @lizclaman. let me know what you think about this. have you had solar installed? what do you think about down the road where this country's going? we want to hear from you. we're coming right back, the dow's still up 207 points. ♪
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. liz: folks, we've got a market alert here. it's not just crude oil that's up nearly 3%, look at heating oil. and what's interesting here is we're heading into late spring at this point. heating oil is up 4.5%, that the gas up 3%, so let's head back we've got elliott warner, what's going on here? >> well, we've got a few things going on here. the energy markets are being held up here.
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i look at natural gas, and i've been very bearish on that one and now there are excuses to buy it. crude is still a sell. it's moving counter intuitively. but i also want to address something you said about ra ramco. if you have 70% of your money in one thing, you're going to put it in something else. >> of course. >> so i would say it's not a desperation ploy, it's being smart. liz: took them long enough. for 70 years, saudi arabia has been pumping and pumping, they had an opportunity to diversify their economy, and they did not. look, some are making the comparison on this day of the west virginia primary that west virginia has been slow to diversify its economy, but right now they look smart at least at the moment. but we have analogous at $14 per million british thermal units. several years ago, it's now $2.17. so we've got to take this a grain of salt; right? >> it was a dollar 60 a few months ago.
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so, yeah, a grain of salt. personally i'm a seller of both gas and oil. it's a head fake today. counterintuitive. sold. we'll see. liz: still too high. so says elliott. >> thank you, liz. liz: and any time, from oil and gas, to solar, this might be a case of what have you done for me lately? solar city stock getting slashed even though the residential solar installment companies saw revenue surge 82% but lowered its predictions for installations because of an increasing of pricing for its commercial business. so you add to that the soon to expire government incentives that have propped up many solar companies and the pressure is tapping down the stock. last summer ceo linden about the subsidies, he said we're ready for it. >> in 2017 the tax credit has a massive reduction. goes down from 30% down to 10%. and based on our cost
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reduction, we have to achieve $2.50 a watt, which may be too much detail for your audience, but we have to get our cost down, we have a clear roadmap to get to that point so come 2017 we'll punch right through it. liz: that was a year ago and look at solar city shares, they are tanking about 23% at the moment. the stock is down more than 60% year over year. but, look, solar city is not the only renewable energy company in early stages struggling with debt. take a look at some of the other names in the industry. jeff flock is at city solar in chicago as we look at these numbers and these are the stocks. but, look, in chicago, you look at how the company plans to power through, jeff, i'm very interested to know what their plan is. >> well, this is the largest urban solar installation in the company. you're looking at 32,000 solar panels here. but i tell you the problem is nobody can make any money on this. we just flew a drone over this, by the way. a lot of people say solar
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doesn't work because you can't put it in a city. well, this is in chicago. and if you look at the normality in it, you don't have to frack, you don't have to blow up the world with nuclear power. but even with subsidies, take a look at the numbers. it just costs so much more to produce solar. about $125, it comes down very little even with a subsidy, compare that to natural gas, it just doesn't happen. as you point out, the stocks are just getting hammered now with the expiration of some of these incentives. estates are pulling back on their requirements that you can sell. you know, the company has to buy back your excess power. so that's killing them. i leave you with the positive. and that is that solar continues to grow up 27% in the last year while coal is down. but it's starting from such a small part of the market, that doesn't mean a whole lot. i don't know. liz: i will say, jeff, solar city had sales up 82% year over year. somebody's using their
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services. >> it's growing. it's growing. they're just not making any money. that's the problem. they just can't make it work. liz: sounds like twitter. listen, we wish them the best. >> i do too. it's a great thing. liz: why not? >> put the -- you know, we're not digging in the ground, guys aren't getting black lung, it's great, you know? only if it worked, it would be great. liz: exactly. i want to put some of those things in my lawn and then they're not quite -- >> you can go out and sunbathe out there. liz: not yet. >> yeah, exactly. liz: jeff, thank you very much. we've got the closing bell ringing in 25 minutes with the dow jones industrials and s&p powering ahead. a big day on wall street. up 202 points for the dow. so from making money to debt, the self proclaimed king of debt donald trump setting off the economic earthquake saying he might allow the u.s. to default on its debt obligations if he were to become president. and then as he walks that back, the shock waves were
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already rippling. stay with countdown. we'll talk about this coming up. >> nobody knows more about debt. i love debt. >> you call yourself the king of debt and people are, like, that's not a good debt. >> no. i know how to handle debt. i've made a lot of money with debt. you can fly across welcome town in minutes16,
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. liz: we've got breaking news here. we are charging ahead trying to make the highs of the session with the dow up about 204 points, now just three points away from that. we had been up 207, the s&p is jumping right now up 23, the nasdaq better by 2, reducing to raise rates, maybe even cutting, already at negative but perhaps finding some other way to add stimulus to weaken
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the yen. so right now we have the best session in two months. one of the s&p's biggest winners is trip advisor. i'm laughing as it takes flight only because multiple price target cuts, multiple, and a disappointing earnings report last week. but the travel stock is on the rebound road at this hour, nabbing the top spot on the nasdaq winners today as you see shares jumping currently 5% at $6.11 for trip advisor. go for it. presumptive gop donald trump coming under fire from critics who pointed to recent comments on u.s. debt and how he would fix it. but donald trump attempted to clarify those comments yesterday when he spoke with maria bartiromo and here's what he had to say. >> so now they have it that donald trump wants to go out, and he wants to renegotiate bonds, and he wants to default on bonds, and he wants to buy them back at a discount.
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well, that's great for private business, but not great for the united states government. all i said is if interest rates go up, we'll have a chance to buy back bonds at a discount. liz: it's a little bit confusing for people who only hear the first part now you hear the second part. what is he talking about? let's bring in gop strategist and democratic strategist joining us now on whether this is even a possibility when he talks about if rates go higher, we already saw, evan, what happened when rates went up a quarter of a measly percent back in december. is trump on something or going to hurt saviors big time? >> well, yoga berra, the great baseball player said i don't know what he said. that's becoming the theme of the trump campaign. he says something and then walks it back. he said it on abortion -- liz: let me just clarify. you're on the republican side here. >> i am on the republican side, but i'm one of the people who are looking for a viable third party candidate that would bring out the conservative base. because donald trump does not
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represent me, and i cannot vote -- liz: well, cristy, do you want to take the donald trump side on this debt discussion? the fact is a lot of people raise their eyebrows and said that would kill saviors either way. if rates go higher, that certainly would be nice, but it might hurt the stock market and then the stock holdings aren't good. there has to be some solution. we don't see it coming from the democratic side either. >> well, i think it's impossible to know what donald trump meant, though. so i don't think you can look to that as a true solution regardless of what he was trying to talk about. i think evan is exactly right. if you look at abortion as sort of the model here when he said i think there should be some form of punishment for women who have them, it seems like on most things where he hasn't been pinned down in policy specifics. when he finally is, it comes out of this weird mishmash of half remembered things and not quite sure what he thinks. and then he has to walk it back. that's what we're seeing here. it's hard to know what he actually believes. liz: and yet it doesn't hurt him, evan? >> no. it doesn't.
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i think his supporters really like that he's projecting this confidence. liz: confidence that might hurt the economy? >> he's showing a confidence we're going to win. we're going to do great. he's offering up platitudes without solutions. and the average voter cares whether or not they can get their bills paid and they're not caring about the political policies and the exact minutia of it. they see a man who's confident whereas hillary clinton isn't confident and says we're going to put coal miners out of wor w. liz: and hillary clinton puts out solutions that pretty much are starting to look more and more like bernie sanders because he's going to beat her in west virginia tonight. that is the expectation when you look at the polls. and he's the one who gives big giveaways and taxes the rich. where are the appropriate solutions? >> well, she has not i don't think shifted her rhetoric that much. i think there's no question that bernie sanders influenced the debate when talking about
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economic inequality. i don't think it has necessarily changed how she's been talking in the last week. i don't think it's a surprise she'll lose in west virginia. to think about at the end of 2008, that was one of the few places that she ended up winning because if you look at bernie sanders sort of almost barack obama in this race, and some of the things that he said then, you know, he also didn't do other. yeah. liz: well, i can tell you this. you guys should keep talking because the dow has only climbed higher while you were discussing this. up 216 points. just a second ago the dow jumping to 218. now within spitting distance of dow 18,000. dow is up three out of four days. evan christie, great to see you. closing bell 15 minutes away. up next, mother nature's furry being sold across the u.s. and canada. we're going to give you an update as storms counter but in the wrong locations. the huge, huge fires. we've got the midwest versus
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canada as well as the latest on canadian authority's attempt to contain the blazes in albert a. costs already estimated to be in the billions. more countdown on the way. dow jumping 215 points. the nasdaq up 56 you wouldn't take medicine without checking the side effects. hey honey. huh. the good news is my hypertension is gone. so why would you invest without checking brokercheck? check your broker with brokercheck. if you have afib not caused by a heart valve problem, pradaxa helps stop blood cells from pooling in the heart... forming a clot... which can travel to the brain and cause a stroke. pradaxa was better than warfarin at reducing stroke risk in a study. in the rare event of an emergency, pradaxa has a specific reversal treatment to help you clot normally again. pradaxa is not for people who have had a heart valve replacement. don't stop taking pradaxa without talking to your doctor. stopping increases your risk of stroke or blood clots. ask your doctor if you need to stop pradaxa
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23 tornadoes reported in all across five states. no damage estimates have been issued yet. but the numbers definitely will be climbing. severe weather expected to move into ohio and severe valleys today posing a new threat to some 44 million americans. and let us look to our neighbors to the north, canadian officials hopeful the wildfire fight has now reached a turning point and miraculously they are ready to perhaps declare the city of fort mcmurray saved. liz macdonald, that sounds like good nuse to us. what else are do the canadians think? >> yeah. that's right. we just got off the phone and while fort mcmurray, 85% of it is intact, the news is not good. they say they're still dealing with an ocean of fire, the conditions are extreme, there are now 25 wildfires, liz. one is out of control, two have merged, and two new ones have started. so what does the albert arachel doing? having a meeting this
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afternoon in the oil industry. and the meeting will be how can we help you meeting? an meeting with the ceo of the canadian association producers. the situation is so bad, liz, that, you know, burning through half the size -- an area half the side of rhode island. now saying the wildfires there could flat line the gdp growth to the entire country of canada. so this could take weeks to put out. 40% of the industry up there in the oil are offline. they're all trying to struggle to bring it back online. so, again, the situation is not under control for the wildfires. while fort mcmurray is intact, the situation still pretty bad up there. back to you, liz. liz: that's incredible. the correct word, miraculous. and you saw some of those words driving past that fire. so lucky to be alive. we need to tell everybody that disney results are coming in just a few minutes.
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dis is moving slightly higher. countdown to the closing bell is going to be right back. stay with us. the dow up 221 points. big rally day for the bulls. i am benedict arnold, the infamous traitor. and i know a thing or two about trading. so i trade with e*trade, where true traders trade on a trademarked trade platform that has all the... get off the computer traitor! i won't. (cannon sound) mobility is very important to me. that's why i use e*trade mobile. it's on all my mobile devices, so it suits my mobile lifestyle. and it keeps my investments fully mobile... even when i'm on the move... ahhh. . . . .
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♪ liz: we have disney's second-quarter earnings imminent. let's go to at the no. as soon as bell rings we want to see studio and espn numbers. >> liz, disney shares up 1% ahead of trading. options trade. the move either up or down we'll see in reaction to the report. $1.40 earnings per share. 14% increase from same quarter. now, disney, three months ago, very disappointing, a lot of concern about the subscriber growth, specifically espn. disney came out with a nice surprise, subscriber growth is growing, just a notch but moving in the right direction. shares had a nice bounce since that report.
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even though they're expecting some trouble continuing at espn, specifically with the ad revenue and the subscriber growth, you're looking at big movies which will have offset that disappointing side from espn of the back to you. liz: lori, thank you very much. lori rothman. stay tuned after the bell we'll bring you quarterly results for disney. also results for electronic arts. do. first quarter growth up half a percent. corporate profits fallen for four straight quarters. mike sorrentino says his client are worried recession is imminent. they're calling you saying is recession coming, what do you say? >> absolutely not. they're worried about it. we haven't seen one in a while. seven or eight years for recession. liz: cycle usually goes that way. >> the problem is, that was not average recession, we can all agree, right?
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you have expectation it will take a lot longer for the country and economy to get back where it was. not the fact that fed doesn't want us to go into recession. is the main driver of economic downturn, that the fed puts brakes on the economy. that is last thing they want. i don't see how we go into recession anytime soon. liz: you have 5.8 billion in assets under management. i would love to know what criteria you're using now with slow growth to pick stocks. what are you do, what do you pick for? >> not a lot out of it. sales growth as well as attractive valuations. that is tricky to find this market. liz: you don't want to pay too much for a company? >> exactly. liz: what about apple? that has low price-to-earnings ratio. >> apple is a great story if you wait two or three years out. people look where it is now relative to where it could be two or three years. liz: you say facebook an alibaba
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you say a payoff sooner better than later? >> phenomenal top-line growth, especially how big the companies are. valuations, i think facebook is expensive. but it can grow into the valuation over time. you will get rewarded. alibaba is no-brainer. liz: facebook is 30 cents below all-time high at the moment. wouldn't you buy a little too high. >> i don't think so. 60, 80, 90, 100, all the way up. facebook is hold more years to come. liz: mike says no recession. don't worry about that but be careful when you pick these stocks. by the way i'm going to vegas. viva liz. the hedge fund conference called salt. my interviews include the winkelvoss brothers. former president of mexico. hole la. i will see you there. so glad anthony scaramucci will hold the conference. smart money folks. 3:00 p.m. eastern.
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we'll have smart, fastest money what they're doing. dow and subpoena having the biggest gains in two months. nasdaq is skyrocketing. biggest gain in two months. major rally up 220 points for the dow jones industrials. we pass it over to david asman and melissa francis. [closing bell rings] we're waiting disney numbers. take it away, guys. melissa: stocks soaring into the close. the dow ending the day session highs up more than 220 points. i'm melissa francis. >> i'm david asman and this is "after the bell." we'll take you back to the market rally. first here is what else is happening at this hour. the fight for coal country is heating up. voting is now underway in west virginia. nebraska is also voting right now. we're just a few short hours from the first results. bo copley the laid off coal worker who confronted hillary clinton on her comments to put


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